Artesian Resources Corp. Files Q2 2024 10-Q

TL;DR

ARTNA Q2 10-Q filed. Revenue streams detailed for water and other utility ops.

AI Summary

Artesian Resources Corp. filed its 10-Q for the period ending June 30, 2024. The company reported revenues for water sales, other utility operating revenue, and non-utility operating revenue across various quarters in 2023 and 2024. Specific dollar amounts for these revenue streams were not detailed in the provided text.

Why It Matters

This filing provides investors with an update on Artesian Resources Corp.'s financial performance for the second quarter of 2024, including revenue details from its utility operations.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial updates and does not indicate any immediate or significant risks.

Key Numbers

• Q2 2024 — Reporting Period (Second quarter financial performance)
• 2024-06-30 — Fiscal Period End (End of the reporting quarter)

Key Players & Entities

• Artesian Resources Corp. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• 2024-08-07 (date) — Filing date

FAQ

Filing Documents

• form10q.htm (10-Q) — 1535KB
• exhibit31-1.htm (EX-31.1) — 14KB
• exhibit31-2.htm (EX-31.2) — 15KB
• exhibit32.htm (EX-32) — 12KB
• image00003.jpg (GRAPHIC) — 387KB
• 0000863110-24-000037.txt ( ) — 9252KB
• artna-20240630.xsd (EX-101.SCH) — 69KB
• artna-20240630_cal.xml (EX-101.CAL) — 66KB
• artna-20240630_def.xml (EX-101.DEF) — 337KB
• artna-20240630_lab.xml (EX-101.LAB) — 838KB
• artna-20240630_pre.xml (EX-101.PRE) — 454KB
• form10q_htm.xml (XML) — 1434KB

Financial Statements

Financial Statements Page(s) Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (unaudited) 3 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 5 - 6 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 7 - 8 Notes to the Condensed Consolidated Financial Statements 9 - 26 Item 2 -

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 - 35 Item 3 -

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4 -

Controls and Procedures

Controls and Procedures 35 Part II - Other Information 36 Item 1 -

Legal Proceedings

Legal Proceedings 36 Item 1A -

Risk Factors

Risk Factors 36 Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3 Defaults Upon Senior Securities 36 Item 4 Mine Safety Disclosures 36 Item 5 Other Information 36 Item 6 - Exhibits 37 -

Signatures

Signatures 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

– FINANCIAL STATEMENTS

ITEM 1 – FINANCIAL STATEMENTS ARTESIAN RESOURCES CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS Unaudited (In thousands) ASSETS June 30, 2024 December 31, 2023 Utility plant, at original cost (less accumulated depreciation - 2024 - $ 185,089 ; 2023 - $ 185,170 ) $ 723,823 $ 714,284 Current assets Cash and cash equivalents 6,251 2,505 Accounts and other receivables (less provision for expected credit loss - 2024 - $ 338 ; 2023 - $ 328 ) 11,676 12,830 Income tax receivable 163 1,799 Unbilled operating revenues 2,813 1,934 Materials and supplies 4,763 5,983 Prepaid property taxes 3 2,269 Prepaid expenses and other 3,471 3,297 Total current assets 29,140 30,617 Other assets Non-utility property (less accumulated depreciation - 2024 - $ 1,084 ; 2023 - $ 1,052 ) 3,624 3,693 Other deferred assets 8,962 8,504 Goodwill 1,939 1,939 Operating lease right of use assets 501 506 Total other assets 15,026 14,642 Regulatory assets, net 15,142 7,289 Total Assets $ 783,131 $ 766,832 LIABILITIES AND STOCKHOLDERS' EQUITY Stockholders' equity Common stock $ 10,296 $ 10,285 Preferred stock — — Additional paid-in capital 143,663 143,369 Retained earnings 80,457 76,743 Total stockholders' equity 234,416 230,397 Long-term debt, net of current portion 177,493 178,307 411,909 408,704 Current liabilities Lines of credit — — Current portion of long-term debt 2,228 2,235 Accounts payable 7,801 9,697 Accrued expenses 4,870 3,519 Overdraft payable 74 9 Accrued interest 2,246 2,275 Income taxes payable 645 2 Customer and other deposits 2,898 2,983 Other 1,672 1,694 Total current liabilities 22,434 22,414 Commitments and contingencies Deferred credits and other liabilities Net advances for construction 2,593 2,797 Operating lease liabilities 499 503 Regulatory liabilities 33,467 25,676 Deferred inv

View Full Filing

View this 10-Q filing on SEC EDGAR